Autonomous Parking System Market

Autonomous Parking System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030

Extensive research has been made in intelligent parking systems. Researchers have over the past few years have developed new models for evaluating the intelligence criteria for autonomous parking systems, typically called evaluation index system. Autonomous systems help in automatic parking of the systems. An assortment of sensor and other technologies have been used to achieve this. In particular, the focus of developing smart parking systems for driverless vehicles has spurred exciting avenues in the autonomous parking system market. Growing awareness about the benefits of such system is a key driver for commercialization of products.

A number of collaborative projects have enriched the technological landscape of the autonomous parking system market, especially in Europe. Numerous such pilot projects have offered tailwinds. A great deal of the impetus has come from original equipment manufacturers looking for better manoeuvrability through autonomous parking system. Rise in demand for premium vehicles in emerging economies has led to collaborative projects to kick in. A number of apps and mobile technologies make the use of the system hassle-free, which is a key objective for installing autonomous parking systems in high-end vehicles. Rise in discretionary spending of consumers on comfort in vehicles is a key trend behind the lucrative opportunities for manufacturers and developers.

Autonomous Parking System Market: Introduction

Automatic parking is an autonomous car-maneuvering system that moves a vehicle from a traffic lane into a parking spot to perform parallel, perpendicular, or angle parking
Rising vehicle sales across the globe coupled with an increase in concern about parking spaces has been driving the demand for autonomous parking systems

Key Drivers of Autonomous Parking System Market

Convenience and safety are major factors driving the demand for autonomous parking systems. Low-speed car accidents, such as those that occur in parking exercise, can be a source of serious injuries that include whiplash, concussions, and other soft tissue injuries. Parking assist features can help avoid these accidents and provide consumers with convenience and peace of mind that these capabilities provide.
In the current urbanization context, increasing the parking capacity would be a challenge due to the growing scarcity of available urban space, while constraining the parking area would subdue citizen’s mobility experience. Autonomous parking system is likely to increase the efficiency of parking systems with an urban optimization strategy encompassing both space and mobility dimensions. It is anticipated that autonomous parking systems can accommodate 20% more vehicles as compared to that of manual parking of vehicles. Therefore, optimized parking utilization is a key factor driving the demand for autonomous parking system.

Restrains in Autonomous Parking System Market

High cost of autonomous parking systems is a major factor hindering the autonomous parking system market; currently, autonomous parking feature is offered only in select model cars.
The recent outbreak of COVID-19 pandemic has affected national as well as international supply chains, manufacturing and R&D operations, thereby hampering the market. Post first wave of COVID-19 global economies have started opening up and automotive operations have begun to normalize; however, a resurgence of COVID-19 cases in several countries across Europe has prompted governments to opt for a second round of lockdown restrictions and hence, uncertainty in the automotive industry continues

Opportunities in Autonomous Parking System Market

In December 2018, The European Union passed a resolution in the European parliament to respond much more proactively to the rapid developments in the automated mobility sector in order to encourage initiatives and to promote stringent safety requirements for all traffic participants. The Commission expects the new market for automated and connected vehicles to expand exponentially, with revenues of the automotive industry estimated to exceed US$ 9.5 billion and US$ 2.75 billion for the electronics sector in the EU. Therefore, the European Union’s focus on promotion of autonomous vehicles is estimated to create significant opportunity for the autonomous parking system market.

Europe holds Significant Share of Global Autonomous Parking System Market

Europe is a key region for the global autonomous parking systems market. Automotive OEMs from this region, namely Audi, Volvo, Jaguar, and Land Rover are investing considerably in automated technologies to make customers' drive safer and more convenient. Selected premium cars versions from these OEMs are offering autonomous parking feature, where cars can find spaces by themselves and park without human intervention. Moreover, the presence of most of Tier-1 automotive suppliers and collaboration of automotive OEMs with automotive suppliers from the region are projected to boost the development of autonomous parking systems, in terms of cost and accuracy, and consequently, propel the demand autonomous parking systems in the region.

Key Players Operating in Autonomous Parking System Market

The global autonomous parking system market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the global autonomous parking system market are: